Synopsis:
India’s $215 billion logistics sector is set for double-digit growth, backed by policy support and infrastructure upgrades. Key players including Delhivery, CONCOR, VRL Logistics, Blue Dart Express, and Gateway Distriparks are expanding operations across warehousing, rail, road, and air, showcasing strong capacity growth, efficiency gains, and nationwide service expansion.
The global logistics industry, valued at US$7.98 trillion in 2022, is projected to expand to US$18.23 trillion by 2030, registering a compound annual growth rate of 10.7 percent between 2023 and 2030.
This growth will be largely fuelled by the rapid rise of online retail. Asia-Pacific continues to dominate the global market, with technological advancements such as automated material handling systems, GPS, and biometric solutions enabling greater efficiency and driving further expansion.
In India, logistics plays a pivotal role in supporting economic growth, employing over 22 million people and expected to generate an additional one crore jobs by 2027. The domestic logistics market was valued at US$250 billion in FY24, as per RedSeer, with the country climbing six positions to rank 38th in the World Bank’s Logistics Performance Index 2023. Transportation remains the backbone of the sector, with roadways contributing the largest share of cargo movement at nearly 66 percent, followed by railways.
1. Delhivery Ltd
Delhivery is engaged in warehousing and last-mile logistics while also offering logistics management systems, consulting and procurement support. The company serves e-commerce players, SMEs, and enterprises across verticals such as consumer goods, retail, automotive, and manufacturing.
The company has a market cap of Rs. 35,789.98 crore and currently trades at Rs. 478. Over the past three years, its sales have grown 9 percent and profit has expanded 28.8 percent, while it maintains a low debt-to-equity ratio of 0.15.
Delhivery reported strong operational momentum in Q1 FY26 with shipment volumes of 208 million, up 14 percent from 183 million in Q1 FY25. Tonnage also expanded 15 percent to 458,000 metric tonnes compared to 399,000 metric tonnes last year. The company noted that this growth trajectory has continued into Q2, reflecting demand strength across its customer segments.
2. Container Corporation of India Ltd (CONCOR)
CONCOR provides container transportation and logistics services primarily through rail and has diversified into port management, air cargo handling, and cold-chain logistics. It operates across EXIM and domestic segments with a wide network of inland container depots and freight stations.
The company has a market cap of Rs. 42,597.29 crore and trades at Rs. 559. Over the last three years, sales have grown 5.11 percent and profit has increased 7.55 percent. Its debt-to-equity ratio remains conservative at 0.07.
Operationally, CONCOR achieved its highest-ever Q1 throughput at 1.29 million TEUs, marking growth of 11.3 percent with EXIM contributing 12 percent and domestic contributing 9 percent. The company spent Rs. 202.5 crore in capex during the quarter, keeping its full-year target of Rs. 860 crore intact.
Long-term expansion goals remain unchanged, with plans to operate 100 terminals, 500-plus rakes, and over 70,000 containers by 2028. During the quarter, CONCOR also signed an MoU with RHS Group of Dubai, enabling end-to-end services beyond Indian ports to destinations such as Dubai and Sharjah.
Future expansion includes extending services to Singapore, while large corporations like Tata, Jindal, Vedanta, JK Cement, and LT Foods have expressed interest in giving additional business.
3. VRL Logistics Ltd
VRL Logistics is a domestic logistics provider with operations spanning goods transportation, bus services, and allied businesses like power generation and carbon credit sales. Its network extends nationwide through branches and transshipment hubs.
The company has a market cap of Rs. 4,997.08 crore and trades at Rs. 285. Over the last three years, it has reported sales growth of 13.5 percent and profit growth of 4 percent, with a debt-to-equity ratio of 1.13.
The company operates a wide pan-India network comprising 1,241 branches and 50 transshipment hubs, with recent expansion into Meghalaya as part of its strategy to strengthen presence in the Northeastern region.
VRL emphasizes hub-to-hub efficiency, consistently achieving 100 percent performance, which reduces turnaround time, optimizes fleet utilization, and ensures on-time delivery across India. As of Q1 FY26, its total fleet stood at 5,949 vehicles compared to 6,177 in the same period last year, highlighting efficient asset use despite a smaller vehicle base.
4. Blue Dart Express
Blue Dart Express operates in integrated air and ground logistics, specializing in time-sensitive deliveries across India. Its offerings cover express air services, freight forwarding, supply chain solutions, and customs clearance for industries such as e-commerce, banking, automotive, and pharmaceuticals.
The company has a market cap of Rs. 13,781 crore and trades at Rs. 5,808. Over the past three years, sales have grown 9 percent while profit declined 16.3 percent. Its debt-to-equity ratio stands at 0.65.
Operationally, Blue Dart handled 377 million shipments and 1,340 thousand tonnes of cargo in FY25, while covering over 56,400 locations across India. The company operates with six Boeing 757-200 aircraft and two Boeing 737-800 aircraft, supported by a large fleet of 33,000 vehicles, including 461 e-vehicles, and 2,675 facilities nationwide.
With a workforce of more than 12,725 employees, Blue Dart has also begun using drones for deliveries in Gurugram, introducing a new layer of efficiency and innovation in its logistics operations.
5. Gateway Distriparks Ltd
Gateway Distriparks provides inter-modal logistics solutions linking Indian ports with inland depots and freight stations. It offers containerized rail cargo services integrated with road transport, warehousing, and cold-chain solutions. The company also owns rakes and trailers to support its logistics network.
The company has a market cap of Rs. 3,226.20 crore and trades at Rs. 64.57. Over the last three years, sales grew 6.95 percent and profit rose 6 percent, with a debt-to-equity ratio of 0.33.
Gateway Distriparks operates five container freight stations located at Nhava Sheva, Chennai, Visakhapatnam, Kochi, and Krishnapatnam. Its logistics infrastructure includes 34 rakes, of which 21 are owned and 13 leased, along with a fleet of more than 560 trailers capable of carrying both 20 and 40-foot containers.
The company has a total ICD capacity of 830,000 TEUs annually and CFS capacity of 525,000 TEUs, supported by warehouse capacity of around 162,000 square metres. Its associate company Snowman Logistics, where it holds a 50.01 percent stake, is the largest integrated temperature-controlled logistics provider in India, operating a nationwide network of cold storage warehouses and refrigerated vehicles, and serving large e-commerce clients.
Written By Manan Gangwar
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